Ardelyx, Inc. Reports Employment Inducement Grants
WALTHAM, Mass., March 28, 2024 (GLOBE NEWSWIRE) — Ardelyx, Inc. (Nasdaq:ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today announced that on March 25, 2024, the compensation committee of the company’s board of directors granted a non-qualified stock option award to purchase 205,000 shares of its common stock and a restricted stock unit award for 160,000 shares in connection with the commencement of employment of its new Executive Vice President, Corporate Development and Strategy, Michael Kelliher. In addition, the compensation committee of the company’s board of directors also granted 14 new non-executive employees options to purchase an aggregate of 400,500 shares of the company’s common stock, and an aggregate of 283,725 Restricted Stock Units (RSUs). The stock option granted to Mr. Kelliher and each stock option granted to the non-executive employees has an exercise price equal to $7.70 per share, which was the closing trading price of the company’s common stock on the date of grant. The stock options and RSUs granted to Mr. Kelliher and all non-executive employees were granted as inducements material to each employee’s decision to enter into employment with Ardelyx, in accordance with Nasdaq Listing Rule 5635(c)(4).